How to create a floating blob?
⬅ 
(I realised too late that this is annoyingly slow. It can be easily fixed by speeding up the Empty's animation and by increasing the number of emitted particles per unit time)
Wobbliness

Add an Empty to your scene, and animate it in some ways using only rotation al location keyframes. You will use this empty to drive the coordinate space for the ripples on the blob's surface.

On your UV sphere, add a &quot;Displace&quot; modifier:

Set the Texture coordinates to &quot;Object&quot; and the Object to your Empty. Reduce the strength to around 0.4. Select &quot;New texture&quot; in the modifier, then go on the &quot;texture&quot; tab and select Type = &quot;Clouds&quot; and Size = 5.


The empty and the Displace texture, combined, will give a result similar to this:



Bubbles

Create another UV sphere and place it on a different Layer.

Select your main sphere, and add a Particle System. Apart from the default values, use Emission Number = 20; Use Modifier Stack = Yes; Render type &quot;Object&quot;; Dupli Object = ; Size = 0.500; Random Size = 0.600; Field Weights Gravity = -1


Bake the Particle cache and this is the result:



For enhanced smoothness
The two spheres can be Metaballs instead of UV spheres, but achieving the wobbliness would become more difficult